With a few exceptions, all of the rules that govern partnerships apply to limited liability partnerships.

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Limited liability partnerships (LLPs) are a type of partnership where the partners have limited liability for the debts and obligations of the business. While there are some specific rules and regulations that apply to LLPs, most of the rules that apply to partnerships (such as shared management and decision-making, shared profits and losses, and joint and several liability) also apply to LLPs. However, one major exception is that LLP partners are not personally liable for the malpractice of other partners, which provides an added layer of protection for professional services firms.

With a Few Exceptions, All of the Rules That Govern